Base layer2, a new Ethereum Virtual Machine (EVM) chain, has quickly gained popularity as an ideal platform for NFT transfers. 

Since its launch on August 9, Base has garnered a dedicated user base and has risen to become the third most popular EVM for both ERC-721 and ERC-1155 NFT standards. The platform now attracts hundreds of thousands of daily users and boasts an impressive Total Value Locked (TVL) of nearly $200 million. Notably, Base has witnessed higher NFT transfer volumes compared to alternatives such as Arbitrum, Avalanche, Optimism, and even Ethereum itself. Only Polygon and BNB currently exceed Base’s ERC-721 and ERC-1155 transfer volumes.

The surge in NFT activity on Base can be attributed to the Onchain Summer event and the platform’s integration into the wider NFT ecosystem and its ability to attract a diverse range of projects. Additionally, its integration with major wallets like Metamask and Trust Wallet has further solidified Base as a preferred choice for users seeking seamless NFT transfers. The growing excitement surrounding this new Layer 2 chain has undoubtedly fueled its popularity.

FTX Founder Faces Legal Troubles:

In a turn of events unrelated to Base’s rise, Sam Bankman-Fried, the founder of FTX, Accused of seven charges related to the collapse of FTX, including fraud, Bankman-Fried had been released on bond pending his trial in October. However, a judge recently revoked his release and sent him to jail after determining that he had attempted to tamper with witnesses. Bankman-Fried’s defense team argued against his detention, claiming it would hinder trial preparation. The judge, however, dismissed their arguments, pointing to two instances where Bankman-Fried attempted to contact former FTX employees as evidence of witness tampering. His trial is scheduled to commence in October.

Bitcoin and Altcoins Navigate Uncertain Territory:

Turning our attention to the wider cryptocurrency markets, Bitcoin is currently showing two successive Doji candlestick patterns on the weekly charts. Despite this, the cryptocurrency remains above the 20-week exponential moving average, indicating that the bulls are in control. However, low volatility has resulted in decreased Bitcoin futures trading volumes. Altcoins, meanwhile, are looking to Bitcoin for direction but have shown some outperformance in the near term.

Disclaimer: The above analysis is purely for informational purposes and should not be considered financial advice. Cryptocurrency investments are inherently risky, and readers are advised to conduct their own research and seek professional guidance before making any investment decisions.